Construction Begins On The Revitalization Of International Market Place In Waikiki, Hawaii Project will create thousands of new jobs and revenues to support The Queen's Medical Center work
BLOOMFIELD HILLS, Mich., March 3, 2014 /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO), CoastWood Capital Group, LLC and Queen Emma Land Company, today announced the ceremonial groundbreaking for the new International Market Place. Scheduled to open in spring 2016, the 360,000 square-foot shopping center will feature open-air retail, dining and entertainment located in the heart of Waikiki.
International Market Place will include approximately 75 retailers, seven restaurants, and the island's first full-line Saks Fifth Avenue. Designed to subtly celebrate the rich history of the site, it will offer a Hawaiian sense of place that honors Queen Emma's legacy while adding vitality and appeal to Waikiki for tourists and residents alike.
"The revitalized International Market Place will truly complement the Waikiki shopping experience," said Taubman Chief Operating Officer William Taubman. "We will feature many distinctive retailers not found anywhere else in Waikiki, thus creating a dynamic retail and dining destination."
As one of the most valuable land assets of Queen Emma Land Company, the redeveloped International Market Place will directly support The Queen's Medical Center, the state's largest private, nonprofit hospital and its mission of providing quality healthcare to all of Hawaii's people. "The new International Market Place will become a new and sustainable income source for The Queen's Medical Center, helping us provide much-needed quality health care and access to specialized medical services," said Eric Martinson, president of Queen Emma Land Company. "The groundbreaking ceremony marks a milestone for us as we continue to honor the legacy of Queen Emma."
Hawaii Governor Neil Abercrombie and Honolulu Mayor Kirk Caldwell expressed support for the project, citing how it will further grow Waikiki's reputation as a top tourist destination for people from around the world in addition to creating approximately 1,000 construction jobs and approximately 2,500 permanent jobs.
"This groundbreaking is the culmination of a great collaboration between Taubman, CoastWood, Queen Emma Land Company and the local community," said Cordell Lietz, president of CoastWood Capital Group. "We want to thank everyone involved as we now move forward into the construction phase of this exciting project."
At the conclusion of the groundbreaking ceremony, William Taubman presented a $10,000 check on behalf of the new International Market Place to the Hawaii Foodbank, a non-profit organization dedicated to feeding Hawaii's hungry. Serving the people of Hawaii for nearly
30 years, the Foodbank forms a vital link between food donors and member agencies by collecting, sorting, salvaging and distributing food. Last year the Foodbank distributed over 12.8 million pounds of food, including nearly 4 million pounds of fresh produce to help feed 183,500 different people in need statewide.
For additional information on the International Market Place redevelopment please visit www.ShopInternationalMarketPlace.com.
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing The Mall at University Town Center in Sarasota, Fla.; The Mall of San Juan in San Juan, Puerto Rico; International Market Place in Waikiki, Honolulu, Hawaii and shopping malls in Xi'an and Zhengzhou, China and Hanam, South Korea. Taubman Centers is headquartered in Bloomfield Hills, Mich. and Taubman Asia, the platform for Taubman Centers' expansion into China and South Korea, is headquartered in Hong Kong. Founded in 1950, Taubman has more than 60 years of experience in the shopping center industry. For more information about Taubman, visit www.taubman.com.
ABOUT COASTWOOD CAPITAL GROUP, LLC
CoastWood Capital Group, LLC is a specialized real estate investment firm based in San Francisco. Founded by Cordell Lietz in 2003, the company acquires, manages and develops real estate in the United States with an emphasis on retail and other property types with unique operational characteristics. CoastWood has been actively investing in Hawaii for over a decade and holds interests in several properties throughout Hawaii including Waikiki Trade Center, Kings' Shops and Queens' Marketplace.
ABOUT QUEEN EMMA LAND COMPANY
Queen Emma Land Company is a local nonprofit organization established to support and advance health care in Hawaii, primarily through The Queen's Medical Center and its affiliates. QEL accomplishes this by managing and enhancing the income-generating potential of the lands left to The Queen's Hospital by Queen Emma in 1885, and additional properties owned by The Queen's Health Systems.
ABOUT THE QUEEN'S MEDICAL CENTER
The Queen's Medical Center is a 501 (c) (3) non-profit corporation, acute care medical facility accredited by The Joint Commission. The facility houses 505 acute beds and 28 sub-acute beds and is widely known for its programs in cancer, cardiovascular disease, neuroscience, orthopaedics, surgery, emergency medicine and trauma, organ transplants and behavioral medicine. Queen's is home to a number of residency programs offered in conjunction with the John A. Burns School of Medicine at the University of Hawaii. Queen's has achieved Magnet® status – the highest institutional honor for hospital excellence – from the American Nurses Credentialing Center. Magnet recognition is held by six percent of hospitals in the United States. Queen's is the first hospital in Hawaii to achieve Magnet status.
For ease of use, references in this press release to "Taubman Centers," "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review the company's filings with the Securities and Exchange Commission, including "Risk Factors" in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.
SOURCE Taubman Centers, Inc.